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Special dividend of R4.5bn declared

JOHANNESBURG – Exxaro Resources declared a dividend of R4.5billion yesterday following the sale of a stake in US-based chemical company to focus on its core assets.

“Following the evaluation of the group’s capital structure, the board of directors has resolved to pay a special dividend of R4.5bn out of income reserves, which equates to 1255cents per Exxaro ordinary share,” the company said yesterday. Exxaro sold a 20percent stake in Tronox for $474million (about R5.66bn) in October last year. The diversified mining house closed 4.74percent higher on the JSE yesterday after surging earlier on news of the dividend.

“For future Tronox share disposals, the board of directors will continue to evaluate its funding requirements for future capital commitments, to repay debt and to return capital to shareholders,” said the company.